Flipology 101 Workbook

Flipology 101 Boot Camp 

March 12-14, 2021 

The Conquer Center 

120 Ralph McGill Blvd NE 

Building 3 

Atlanta, Georgia 30308 

© Ramon Tookes 2015 - Flipology 101 Boot Camp 1

. 

IMPORTANT COPYRIGHT NOTICE 

The copyright holder authorizes you and only 

you as the sole purchaser of Ramon Tookes’ 

Flipology 101 Boot Camp to make and use 

copies of the enclosed documents for personal 

use only. This is the purchaser’s copy for only 

the purchaser’s exclusive use. Encourage 

others to invest in their own success by getting 

their own copy. Thank you for your respect and 

support. 

ALL RIGHTS RESERVED 

No part of this system may be reproduced, 

stored in any information retrieval system, or 

transmitted in any form by any means without 

the specific written personal permission of 

Ramon Tookes Flipology 101 Boot Camp. 


This publication is designed to provide 

accurate and authoritative information 

regarding the subject matter covered. It is sold 

with the understanding that the publisher is not 

engaged in rendering legal, accounting, or 

other professional services. If legal or other 

expert assistance is required, the services of a 

competent professional person should be 

obtained. Your results will vary from those of 

the author and/or other students mentioned in 

this course. 

The Author specifically disclaims any liability, 

loss or risk, personal or otherwise, incurred as 

a consequence directly or indirectly of the use 

and/or application of any of the strategies or 

contents contained herein. 

Ramon Tookes 

Flipology 101 Boot Camp 

ramontookes@gmail.com 


Welcome to Flipology 101 and thank you for attending! Whether you are just starting out in 

real estate investing or are working on your hundredth deal, we can help you learn more, 

make more, and have more fun doing it! Regardless of your experience, you have found the 

right place. 

Learn how to make money in Real Estate. 

• Learn how to become financially independent through real estate investing 

• Learn the secrets of those that have successfully made their fortunes in Real Estate 

Investing 

• Learn how to protect your wealth from the start, while you are building it, and once you 

attain it! 

• OPM – Learn how to use Other People’s Money to accumulate a fortune over time and 

much more!! 

• Learn how to successfully use our Flipology Formula 

We are aware that this will be the first exposure for some, whereas, others maybe more 

familiar with real estate investing. Thus, the boot camp has been carefully tailored to cater 

for all needs. This boot camp has been uniquely designed and managed by experienced 

Real Estate Professionals to encompass both theory and practice, offering an excellent 

opportunity to gain knowledge about the different types of real estate investing. You will 

have a chance to observe, ask questions, and take a guided tour of some real estate 

properties in various stages of the deal. Your participation ensures that the boot camp is 

interactive, enjoyable, and most importantly, beneficial to you and our team. 

Today, you will receive course materials and a gift of appreciation. Some may receive bonus 

prizes/gifts. You will see that the boot camp has been split over a period of two days, the first 

of which introduces the fundamentals and basic industry knowledge. The final day of the 

boot camp will begin with a field tour and then final instruction. Upon successful completion 

of the boot camp, participants will be invited to attend future events and take advantage of 

other coaching and learning opportunities! Details of these events and opportunities will be 

given at the end of day two! 

Sincerely, 

Ramon Tookes 

Ramon Tookes 

Flipologist, Real Estate Investor, Coach, Wealth Builder, and Author 


Table of Contents 

Presenter Description Page 

Day 1: Friday, March 

12, 2021 

Ramon Tookes Why Invest?! HO 

Brian Joubert Getting Your Taxes and Corporate HO 

Structure In Order 

Ayo Saba 

Properly Insuring Your 

HO 

Investments 

Jason Thomas Debt Elimination Made Easy! HO 

Ramon Tookes 7 Little to No Money Down 

7 

Techniques 

Ramon Tookes 10 Ways To Find Deals 24 

BONUS 

HO 

Chantelle Owens Investing In Tax Liens HO 

Sherrie Aldrich Finding Deals at the auction HO 

Ramon Tookes Analyzing Deals and Making 26 

Offers 

Saturday, March 13, 2021 DAY 2 

Ramon Tookes 10 Ways To FUND Deals 32 

The Importance of Credit 

HO 

Reneika Lightbourne Funding Deals with your 

HO 

retirement 

Regina Murray FUNDING the traditional way! HO 

FUNDING and business credit HO 

Dana Christian Funding Deals with business HO 

credit 

Nicole Hines Funding Deals with private/hard HO 

money 

Kevin Jefferson Funding with “regular lenders HO 

Queen Marrero Funding Deals with Grants HO 

Ramon Tookes FIXing Deals- Construction Costs 33 


Jacques Mountain 

Day 3: Sunday, March 

14, 2021 

Ramon Tookes 

Patryce Pittman- 

Moore 

The Team 

FIXing Deals-home 

inspectors/contractors 

Welcome Back!!- Homework 

Review Q&A 

Staging To Sell! 

Bus Tour-Lowe’s, Mock Auction, 

Properties 

HO 

HO 

HO 

39 

Ramon Tookes BONUS-Wholesaling 50 

Pavielle Dortch Closing Deals 52 

Ramon Tookes Other Importance Elements In 53 

Flipping 

Ramon Tookes The FLIP 60 

SPECIAL EXPERT Flipping-The Importance of a HO 

PANEL 

Realtor 

Ramon Tookes Wealth Building HO 

Ramon Tookes Forms & Documents 61 

Ramon Tookes Certificate of Completion HO 

Ramon Tookes Networth Statement HO 

Ramon Tookes Client Agreement HO 

HO = Hand Out 


The State of Real Estate Investing 

Real estate investing has become increasingly more 

popular over the past few decades. It has also 

become one of the most widely used investment 

vehicles. Every market has its ups and downs and 

our market has recently come out of a down time. 

WE ARE ON THE RISE!!!! The interest rates are low 

and homeowners and investors are excited about 

buying real estate. Now is one of the best times ever 

to investment in real estate. Now is one of the best 

times ever to use our proven Flipology Formula to 

build wealth and change your life. 


1. Referrals 

2. Tenant Locating 

3. Sandwich Leases 

4. Assignments 

5. Double Closings 

6. Owner Financing 

7. JV/Partnerships 


Technique 1: Referrals 

Most investors will give a referral fee to someone that 

gives leads on properties or buyers or sellers. 

Example 1: Melanie Wright has been a referral 

agent for over 10 years with me. She works a 9 to 5 

and really has no interest in real estate investing, but 

she gets a $1,000 referral fee each time she refers 

one of her coworkers, family members, friends, etc. 

to us as a buyer or seller. She made $10,000 in 2014 

by referring 8 buyers and 2 sellers to us. This was 

done without much effort. Once she sends us the 

referral and we close, we wire the money to her 

account or deposit a check in her account. 

Example 2: Tony sent a potential buyer to us that he 

met at church who expressed an interest in investing 

in real estate. We met with the buyer and put 

together a plan. The buyer closed a property and we 

paid Tony $1,000 referral fee. 


Technique 2: Tenant Locating 

Our business is constant need of great tenant 

locators (NOT PROPERTY MANAGERS). A tenant 

locator matches properties with tenants and vice 

versa. There are people looking for places to rent on 

a daily basis and landlords looking for tenants 

constantly. Tenant locators go out and find 

properties for potential tenants. This is a business in 

itself. Here are the steps to making money without 

any money out of your pocket with tenant locating: 

If you want to attract tenants: 

1. Put up a ghost ad on sites such as craigslist 

2. When potential tenants call, just get their 

information/criteria and then go out and find 

that property 

3. When you find a landlord that has what they 

are looking for, then, get an agreement with 

that landlord that states that if you bring a 

qualified tenant that you will be paid a fee 

usually equal to one month’s rent. 


You can also go to landlords that are advertising their 

properties for rent and ask can you market their 

property so that you are marketing real properties. 

Most landlords would appreciate more exposure of 

their properties. 

Example 1: We get calls all the time on our 

properties and from people who are in need of a 

place to rent. Even if we don’t have it, we will find it 

because we get a fee for doing so. 

We get a call from Mary Johnson who is looking to 

rent a property immediately. 

Her criteria: 

1. 3 bedroom 2 bathroom 

2. It needs to be in Lithonia because her 

son goes to Lithonia High School and 

does not want to transfer because it’s his 

senior year. 

3. She prefers a garage, but will settle for a 

car port. 

4. She does not want to spend more than 

$950 per month 


First, we qualify her by getting the following: 

1. An application that should include 

current address, work information, 

people who will reside in the property, 

referrals, etc. 

2. We get authorization to check back 

ground and credit 

3. We collect an application fee of $100 so 

that we can do a back ground check and 

pull credit when we have a property that 

she likes 

4. We also make sure that she can afford 

the deposit and first month’s rent 

5. She does not want to spend more than 

$950 per month 


After gathering all of this information, we find her a 

property that she would like to move in. If we have it 

in house, then, we move forward and collect the 

deposit etc. If we have to go out and find, then, here 

is how we make money: 

1. We contact the landlord and make an 

agreement that if we find them a qualified 

tenant that we will get the first month’s rent or 

some agreed upon amount, but at least $500. 

2. Once the landlord approves the tenant and 

collects the deposit and first month’s rent, 

then we are paid our fee. Sometimes we 

remain the go between so that we do not 

have any problems collecting our fee. 

3. In this case, you would make at least $500 

but maybe $950. 

Advantages: You can make money without any 

money out of your pocket and you are helping the 

tenant and landlord 


Technique 3: Sandwich Lease 

Sandwich leasing has been used for a long time, but 

is not as popular a technique as some of the others. 

This may seem difficult at first, but once you learn 

how to successfully use this technique, you will love 

it. 

In a nut shell, you lease a property with an option to 

purchase it and then you turn around and rent it out 

to someone with them having an option to purchase 

it. When you find the person to lease it from you, 

their monthly payment and purchase price is higher 

than yours so you can make money monthly and 

when they purchase it. 


Example 1: You contact a seller that has not had much 

success selling their home on the market. She has 

moved out, but is not pressed to sell it. You offer her 

the full asking price with a lease and option to purchase 

at any time in three years. She really likes that she will 

get full price and a monthly payment. Also, you tell her 

that you intend to lease it out yourself so there are no 

surprises. ALWAYS BE HONEST. It makes deals go 

better. 

Here are your terms with the seller: 

1. The purchase price will be $99,000 if you 

exercise your option and purchase it. 

2. You pay an option fee of $1,000, which is 

nonrefundable if you do not purchase the home 

and applied to the purchase price if you do. 

3. You will pay a monthly lease amount of $750, 

which is market rate for the area 

4. $150 of that monthly payment will be applied to 

the purchase price 

5. The seller will still be responsible for property 

taxes and major maintenance 


Example 1: You contact a seller that has not had much 

success selling their home on the market. She has 

moved out, but is not pressed to sell it. You offer her 

the full asking price with a lease and option to purchase 

at any time in three years. She really likes that she will 

get full price and a monthly payment. Also, you tell her 

that you intend to lease it out yourself so there are no 

surprises. ALWAYS BE HONEST. It makes deals go 

better. 

Here are your terms with the seller: 

6. The purchase price will be $99,000 if you 

exercise your option and purchase it. 

7. You pay an option fee of $1,000, which is 

nonrefundable if you do not purchase the home 

and applied to the purchase price if you do. 

8. You will pay a monthly lease amount of $750, 

which is market rate for the area 

9. $150 of that monthly payment will be applied to 

the purchase price 

10. The seller will still be responsible for property 

taxes and major maintenance 


In areas where values are rising quickly, this is an 

excellent technique. Therefore, assume that in this 

example, the values in this area are increasing quickly. 

Hopefully, you also have a list of potential buyers so 

that you can lease to them the day that you sign the 

lease. This will prevent you from having holding costs. 

This can be done by marketing for these type buyers on 

a regular basis and building a database of them. 

You have a buyer who is currently repairing their credit 

and saving to purchase a home, but needs to move 

because their current lease is ending. Here are their 

terms with you: 

1. The purchase price is $109,000 if he decides to 

purchase the home. One good selling point is 

that the home should be worth $120,000 in one 

year if he decides to purchase it, which gives 

instant equity. 

2. He gives you an option fee of $2,500, which is 

non refundable if he does purchase the home 

and applied to the purchase price if he does 

purchase it. 

He pays a monthly lease amount of $1,000, of which 

$200 of it is applied toward purchase price if he 

purchases the property. 


His lease must be the same length or shorter than 

yours, which is suggested so that if he does not 

close, then, you can try it again with another buyer. 

In this example, you will profit in several ways: 

1. You will immediately profit $1,500 from the 

option fee. 

2. You will profit $3,000 in 12 months from the 

$250 per month difference in lease payments. 

3. You will profit $7,900 from the sale once all 

credits are given 

4. This is a total profit of $12,400 in one year if 

your buyer closes. 

Advantages of doing a sandwich lease: 

1. You can take control of the property with little to no 

money out of your pocket 

2. You can make monthly cash flow 

3. You can make money up front 

4. You can make money when it sales 

Disadvantages of doing a sandwich lease: 

1. You have to pay holding costs if its vacant 


Technique 4: Assignments 

An assignment of contract is when you as contract 

holder assign your contract and all the rights in it to a 

buyer. It is considered a form of wholesaling. 

With this technique, you do the following: 

1. Locate and put a property under contract 

2. Find a buyer 

3. Then, assign your original contract to them for 

a fee that you receive at closing. 

You have full control of the property during this 

process, which is great, but you also assume the 

risks. The risks include not being able to find a buyer 

and having to either try to close it yourself or lose the 

earnest money that it normally takes to hold the 

property. 


Example 1: Mary goes out and finds a great deal on 

a property using the TOP offer rule. She decides 

that she wants to make $5,000. After doing all of the 

numbers, she gets the seller to agree to her TOP. 

She has to give the seller’s attorney $500 earnest 

money within 3 business days and close within 21 

days. Then, she begins to market the property to 

investors and gets a few interested investors. After 

marketing and showing it for two days, she receives 

two offers. Both offers include giving her $1,000 

earnest money immediately, which was great. Offer 

1 wants to close within 10 days, but Mary will only 

profit $3,000 of which she will receive $500 at the 

signing of contract. Offer 2 wants to close in 21 days 

and Mary will profit $5,500 and receive $500 profit at 

time of signing of contract. Wow!! She really wants 

to wait on the 21 days, but what if they do not close? 

In either case, Mary will assign her contract to them. 

If offer 1 does not close, then, Mary has time to 

market the property again before her contract times 

runs out. If offer 2 does not close, then, Mary will 

probably lose the deal. 


Technique 5: Double Closings 

A double closing is when you purchase a property and 

resale in a very short period. Usually it’s done within 

minutes of each other. This technique is used in 

wholesaling a lot. 

Often times, transactional funding is required or 

permission from the end buyer to use their funds. 

There are usually three parties involved in a double 

closing: A- the original seller, B-you as the investor, 

and C-the end/final buyer. 

Double closings work differently in different situations, 

but here are the usual situations: 

1. C, the purchaser, would pay B the funds for the 

property. Then, B would use those funds to 

purchase from A. This requires an 

accommodating closing attorney. Often times this 

does not work. 

2. B uses transactional funding to purchase from A, 

then, goes into a separate closing to sale to C. 

Transactional funding is usually not released for 

the first transaction until the second transaction is 

funded. 


Double closings are used for several reasons: 

1. They allow you, the investor, to acquire the 

property without any money from your own 

pocket 

2. It also conceals the identity of the buyer and 

seller. 

*** In some cases, you are not allowed to do a double 

closing such as short sale and other 

bank/government owned properties. 

Example 1: You contract a great deal in East Atlanta. 

After getting it under contract, you market it and get a 

buyer who is willing to pay $15,000 more than you are 

paying for it. In a perfect world, you could just assign 

your contract, but sometimes we need to close out the 

original seller. This could be because you don’t want 

them to know what you are making or because they will 

not allow you to assign or you do not want the buyer to 

know what you are making. Here, once you get ready 

for closing, you will schedule both closings at the same 

time and close out the original seller first and then walk 

into the next room and sale to the buyer. Often times, 

you have to use transactional funding if you don’t have 

your own funds. 


Technique 6: Owner Financing 

One of the most common ways to make money or 

purchase a property with no money down is to have 

the seller either finance all or some portion of the 

purchase price. The seller acts as the lender or bank 

for whatever specified period and terms.The terms 

can vary based upon the agreement between buyer 

and seller. It will surprise you how many people are 

willing to owner finance their properties. 

Example 1: Jack O’Reilly is purchasing a property 

for $85,000 and the lender is requiring 10% down, 

but will allow a seller held 2 nd mortgage. Jack goes 

back to the seller and asks him to hold back a 2 nd 

mortgage of 15%, which will account for the down 

payment and closing costs. At this point, Jack is able 

to go to closing with no money of his own. 

There are many more ways that an owner can 

finance the property for the buyer including subject-to 

financing, wrap mortgages, etc. 

Advantages for buyer: 

1. It frees up capital. 


Technique 7: JV/Partnerships 

Joint ventures and partnerships usually take place 

when each partner has something that is beneficial to 

the other. This includes money, credit, time, 

management skills, deals, or some type of skill or 

knowledge. 

When agreeing to a jv or partnership, always put 

EVERYTHING in writing. This includes everything 

that each person is responsible for and what 

happens if someone doesn’t do what they are 

supposed to do or if the project doesn’t go as 

planned. 

Example 1: Bob has horrible credit, but locates great 

deals from time to time. He is not able to obtain 

financing (because he isn’t at this boot camp..lol) and 

doesn’t have the cash to close on his latest great 

deal. In order to make this deal happen, he goes to 

one of his family members who agree to finance the 

project for 50% of the profits. 


1. Just call our office 

2. Work with great real estate agents/brokers. 

3. Other investors 

4. Outgoing mail - yellow letters, postcards, etc. 

5. Signs-bandit signs 

6. Driving For Dollars 

7. Internet—loopnet, craigslist 

8. Word of mouth 

9. Courthouse steps 

10. Attorneys 


1. Networking 

2. Social Media 

3. Craigslist 

4. Signs: calling others and your 

own 

5. Other professionals such as 

realtors, attorneys, accountants, 

other investors 


Places to get values of properties 

1. Order an appraisal 

2. Order a BPO or CMA from Broker or real estate 

agent 

3. Zillow, Trulia, etc. 

4. Know your areas 

Factors to Analyze when determining value: 

1. Size- square footage 

2. Distance from comps 

3. Type of repairs needed 

4. Quality of Renovations 

5. Room count- bedrooms, bathrooms, etc. 

6. Neighborhood/Community 

7. Access to amenities such as grocery stores, 

schools, etc. 

Try not to speculate. Use comps that are similar in 

size and quality of work and located within .5 to 1 

mile away from each other. 

Example 

See appraisal 


Inspection ● Construction ● Budgets ● Plans 

The home inspection and construction are also very 

critical stages in being a successful investor. 

The home inspection 

Even after being in the business for over 20 years, I still 

get home inspections on properties before I close and 

usually before I begin making offers (if time permits). 

Here is why: 

1. A good home inspector will make sure that you 

know about all repairs needed 

2. It helps you to determine your construction budget 

3. It keeps you from making costly mistakes or most 

unforeseen repairs. 

4. It gives you the true condition of what the property 

is in before you make an offer or close. 

How to locate a good home inspector? 

1. Ask people that you know and trust for a referral. 

2. Search online 

3. Check with your local REIA 


Once you begin to call inspectors, find out about the 

following: 

1. The cost of the inspection 

2. What is included in the inspection 

3. How long does it take to get your report 

4. What is included in the report? 

5. Are pictures included? 

6. How detailed is the report? 

7. What does the inspector check? 

Now I know you are thinking about the cost, but just 

imagine how much inspections save you from 

unexpected repairs, which means unexpected funds. 

None of us want to have to spend money 

unexpectedly – this will probably hurt your bottom 

line. 

I would do an estimate when walking through a 

property, but keep in mind that you may miss things, 

such as issues not seen in the attic in the summer 

due to extreme heat, or wiring in the wall, or things 

in a wet dark crawl space. 


What next after the inspection period? 

Read it completely and if things are totally different than 

what you expected, then, it’s normally an indication not to 

move forward. DO NOT GET ATTACHED TO A DEAL. 

If you are comfortable with the report, then, move forward 

with getting detailed estimates from contractors for the 

budget. 

Construction Process 

As in the previous part of the process, this stage is 

critical. Many people get stuck, hurt, abused… or either 

make their money in this stage. A good contractor will 

give you a fair estimate and time line which they adhere 

to. We always suggest getting 3 estimates so that you 

make sure that the estimates are reasonable. After 

looking at numbers, look at referrals, quality of work on 

other jobs, insurances, etc. 

Remember: 

1. Cheaper is not always better 

2. Never give the contractor too much up front. I 

suggest that you pay for materials and work on a 

draw schedule 

3. Contractors have to make money to be happy and 

do great work 


Before you make an offer, you must know the 

following: 

1. Value of property 

2. Amount of repairs 

3. Cost of buying and holding 

4. Amount of profit that you want to make 

You must know the value, construction cost, plan, 

and amount of profit that you want to make before 

making an offer!! 

The money is made when you buy the property. You 

just get it when you execute the plan and sale. 

65% Rule 

You do not want to invest more than 65% of the ARV 

(after repair value) into the project. This includes 

purchase, renovation, and closing costs. 


Top Offer Price (TOP) 

TOP = ARV x 65% - construction costs - loan/closing 

costs - desired profit if wholesaling 

Example: 

• ARV = $100,000 

• Repairs = $20,000 

Holding/closing costs can include loan fees, attorney 

fees, insurance, etc. If it’s all cash, then it’s less 

because there are no loan fees. Let’s assume this 

one is all cash. 

The fees would include $1,000 attorney fees/closing 

costs + $500 insurance costs = $1500 

• Desired profit = $5,000 

• TOP = $65,000 - $20,000 - $1,500 - $5,000 = 

$38,500 

• TOP = $38,500 


1. Use no money down techniques 

2. Bring in a partner 

3. Cash 

4. 401k 

5. IRA 

6. Credit Cards 

7. Lines of Credit 

8. Loans – traditional financing/banks 

9. Loans - private funding 

10. Loans - hard money lending 


1. Underestimating Budget 

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2. Underestimating Time 

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3. Not having enough knowledge levels of 

renovation and material 

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4. Not having enough knowledge about the 

neighborhood 

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5. Trying to do the work yourself or with friends 

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6. Not having good contractors 

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Bonus: DO NOT GIVE 

CONTRACTORS TOO MUCH MONEY 

UP FRONT!!!!!! 


1. Can begin project with their own money!!! 

2. Can give you a fair estimate 

3. Will walk the project with you and explain 

details of scope of work 

4. Will make suggestions 

5. Will let you know what they specialize in 

6. Will have subcontractors that can complete 

other 

7. Will manage daily operations of project 


1. Ask other SUCCESSFUL investors for 

recommendations 

2. Ask other contractors 

3. Hang out at local Home Depot’s and Lowe’s. 

Usually the good contractors are there early. 

4. Look on sites like Craig’s and Angie’s Lists 

5. Go by other nice renovation jobs in the area 

and talk to the contractors 


1. Are you licensed and Bonded? (I wouldn’t consider a GC was wasn’t!) 

2. Will you sign an Independent Contractor Agreement? (I don’t want 

contractor employees at this point) 

3. Do you create Statements of Work and Detailed Specifications as part of 

your bids? (Contracts are important!) 

4. Where are you located? (If I need someone on short notice, I don’t want 

someone who has to drive 60 minutes) 

5. What types of projects would you be qualified to do and interested in doing? 

Purely cosmetic? Basic Remodeling? Major Rehab? Structural? (You want the 

right person for the right job!) 

6. Do you know how to pull permits? (I’m won’t be doing that myself) 

7. Do you hire subs? (Saves me the effort of finding all the workers myself and 

allow me to get a smaller number of bids) 

8. What contracting areas are you qualified to perform work or hire subs? 

Plumbing, Electrical, Roofing, Carpentry, Exterior, Landscaping, etc? (Jack of all 

trades is good for a GC) 

9. What contracting areas would you be able to estimate material and labor 

costs for houses I’m considering purchasing? Plumbing, Electrical, Roofing, 

Carpentry, Exterior, Landscaping, etc? (I don’t want to have to bring more than 

one guy out to get an estimate) 

10. If you got one of my projects, what part of the work will you be doing 

yourself vs sub-contracting out?(The more he does himself, the fewer people I’ll 

likely be paying for) 

11. Have you ever done any rehabs for investors? (i.e,. do you understand my 

business needs?) 

12. How much notice would you generally need to schedule a walk-through of 

a property I’m considering purchasing to give a rehab estimate? (Shorter is 

better) 

13. How much would you charge to provide pre-purchase estimates on rehab 

costs? (I’m happy to pay, but I want to see what they thing they’re worth) 

14. Would you be able to provide references upon request? (I will check them 

before giving them a job) 


Look at the deals below. Use the information given 

and what you learned today to answer the following: 

A. 1355 Westview Drive, Atlanta GA 30310. It will 

be fully renovated. What should we list it for? 

B. 1524 Deerwood Drive, Decatur GA 30030. 

What did it sell for? What did we purchase it 

for? 

C. 299 Warren Street, Atlanta GA 30317. It needs 

120k for renovation to make it a 3 bedroom and 

2 bath and 1800 sq ft. What should we pay for 

it? What will be the ARV? 

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1. Believe 

2. Have Consistency 

3. Invest in Marketing 

4. Join/Build a Team 

5. Make a Plan/Set Goals 

6. Network, Network, Network 

7. Understand The Risks 

8. Find a niche 

9. Invest in education/training 

10. Take Action 


Purpose: 

To give you a real experience of what happens in the 

field 

Name 3 things that you liked: 

1. ____________________________________ 

2. ____________________________________ 

3. ____________________________________ 

What are some of the things that you observed 

because of the classroom learning? 

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My Name _____________________ Date ________ 

In life, there are several choices, decision that has to 

be made. Some have minor impacts on your financial 

future while other have are major game changers 

that can put you on a course of financial demise or 

can springboard to you financial success. It all starts 

with a plan. A plan that goes from your head to paper 

and from paper to actions! 

The journey starts now! 

Define Wealth for Yourself 

How do I define wealth? 

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Priorities based on wealth definition: 

(the things that are important to me – savings, 

college planning, retirement, lifestyle, credit, property 

ownership etc…) 

1. _______________________________________ 

2. _______________________________________ 

3. _______________________________________ 

Immediate Goals? What do I need to change right 

now? (Mindset, spending habits, saving patterns, 

credit position…) 

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Short-term Wealth building (1-3 Years) 

What are 3 things that I must absolutely do? 

A. ______________________________________ 

B. ______________________________________ 

C. ______________________________________ 

Long-term wealth building (4-7 Years) 

What are 5 things that I should have accomplished 

during this four to seven year period? 

A. _____________________________________ 

B. _____________________________________ 

C. _____________________________________ 

D. _____________________________________ 

E. _____________________________________ 


By the end of year 7, I see myself… 

(I should have done what, accomplished what, 

have what, started what, changed what, 

understood what…) 

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PART II 

DISCOVERING 

MY TALENTS 

DISCOVERING 

A STREAM OF INCOME 

PART III 

MY REAL ESTATE 

“The more you know, the more your wealth will 

grow.” 

– Sonia Booker 


How many streams of income do I have? 

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What are my talents? 

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How can I make money from my talents? 

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I have my dream career? 

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I OWN/RENT the property that I live in: 

(Check all that apply) 

I have a desire to purchase a home 

in the next 2-3 years 

I have a desire to purchase a home 

in the next 5 year 

I don’t think that real estate ownership 

is for me 

I have lost too or seen too many people 

lose in the real estate market 

When it comes to real estate, I know: 

(Check all that apply) 

Basic information 

Enough information to feel 

comfortable with the purchase 

It scares me to death 

I want to know more about real estate 


What does my dream home look like, how much 

does it cost? (In my mind) 

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I currently live in my dream home! 

I have thought about purchasing real estate 

as an investment property. Yes No 

Notes about real estate: 

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WHAT’S MY NET WORTH? 

Net Worth Statement Worksheet: Assets 

Asset 

Value 

Cash on Hand $ 

Cash in Checking $ 

Cash in Savings Account (bank/credit union) $ 

Money Market Accounts $ 

Market Value of Your Home $ 

Estimated Value of Household Items $ 

Real Estate Market Value: Investment Property $ 

Real Estate Market Value: Rental Property $ 

Real Estate Market Value: Time Share $ 

Real Estate Market Value: Vacation Home $ 

Stocks $ 

Bonds $ 

Mutual Funds $ 

Market Value of Vehicles (kbb.com & edmunds.com $ 

Life Insurance Cash Value $ 

401K or Retirement Plan Current Value $ 

IRA, Roth IRA Value $ 

Personal Items Estimated Value $ 

Other Assets $ 

Total Value $ 


Definition of wholesaling in general is the business of 

selling to retailers according to dictionary.com. 

Wholesaling real estate involves finding a property at 

a bargain price (or negotiating a discount), putting 

the property under contract, and either assigning the 

contract or re-selling the property to an investor 

buyer. 

It especially refers to the “unimproved” resale of such 

discounted properties to the sort of buyers who either 

intend to fix and sell (rehabbers) or hold as a rental 

(landlords). 

Wholesaling Benefits 

1. Quick profits 

2. No credit requirement 

3. Doesn’t matter about your education level 

4. Little to NO money is required out of your 

pocket 

5. Helps sellers 

6. Builds relationships with other investors 


Keys to being a GREAT wholesaler? 

1. Be conservative with your after repair value 

2. Make sure your repair costs are accurate. 

3. Build relationships with other investors 

4. Have buyers already in mind.. some call this 

reverse wholesaling 

5. Package your deals properly 

Mistakes that many wholesalers make? 

1. Being greedy 

2. Not being honest 

3. Not knowing 

A Complete Wholesale Package 

1. Property Address 

2. Detailed Pictures.. include all sides of 

exterior, street view, interior pictures, detailed 

pictures of appliances, and any repairs that 

need to be made 

3. Information on Comparables- address, date 

sold, size, etc 

4. Detailed repair budgets 

5. Information on the community 

6. Information on any trends in the area 

7. Access information 


In Georgia, attorneys close most transactions. In 

other states, title agents are used. Yes, many deals 

can be and are closed without an attorney, but I 

strongly discourage this. Closing attorneys are very 

important to being a successful real estate investor 

for the following reason: 

1. They will have a title examination done. 

2. They will insure title. 

3. They will make sure all the terms of the 

contract are represented on the HUD. 

4. If it’s a loan involved, although they represent 

the lender, they will make sure that title is 

clear. 

5. They can hold earnest money, which is 

recommended. 

6. They will explain all documents and terms of 

the closing. 


Insurance on investment properties is just as important as 

on your home. It’s a topic that’s often over looked by many 

investors. If you are not properly insured, in the event of a 

loss or claim, you could find yourself in big trouble because 

you are not able to cover repairs or law suits. Also, you 

must have the correct policy to properly cover your 

property. 

Here are the types of policies: 

1. Landlord Policy-this is great for landlords who are 

going to rent/lease their properties. 

2. Vacant Dwelling Policy- this is a great policy to 

have if you know that you are flipping a property 

and not going to fix or rent. 

3. Builder’s Risk Policy-this is a good policy for 

builders and renovators/rehabbers. 

4. Liability Insurance – for your business and the 

property 

5. Flood insurance- is usually only needed in areas 

where the property is located in a designated flood 

area. Also, this could be added to a policy if your 

property is located in areas where hurricanes etc. 

occur. 

6. Loss of income insurance- can be separate or a 

part of your other hazard/fire policies. This type of 

insurance is usually needed for landlords with 

income producing properties 

7. 


Pay close attention to the following: 

• Cost of policy. Do not overpay or be oversold 

for your policy. 

• Make sure that your policy has all the 

necessary coverage. Many policies will have 

exceptions. For example, I have experienced 

policies that do not cover theft or vandalism, 

but will cover fire etc. Also, insurance 

companies try to find ways not to pay. 

Document and take photographs of 

everything at income producing properties 


It is really important to network and continue to learn 

no matter how much experience you have or how 

much money you make. I can honestly say that I get 

inspired and become better each time I read a book, 

watch a video, attend a meeting, or network with 

other investors. 

Here are a few great organizations: 

1. Local REIAs-Real Estate Investment 

Associations 

2. University of Wealth Building 

3. Other networking and educational 

organizations 

4. Online groups 

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Investment properties are assets that must you 

should protect from personal debts and liability. 

They also require a layer of protection from internal 

liability. Many ways exist to protect real property and 

equity. A strategy should be developed for the 

number of properties, amount of equity in each and 

associated risks. Asset protection vehicles and 

business entities offer excellent protection and 

privacy of ownership. The amount of legal tools used 

should be determined by the properties and value 

being protected. 

Types of entities used for investment properties: 

1. Corporations- LLC’s 

2. Corporations- S corps and c corps 

3. Trusts- family and land trusts 


Having a good CPA on your team is critical to your real 

estate investing career from day 1. Many people say 

that they can’t afford a cpa, but You can’t afford NOT to 

have a great CPA and/or tax professional on your team. 

They can help you structure your business in a way that 

should save you many times their cost and one that 

specializes in real estate will likely have a plenty of 

contacts that can help you in your investing business. 

A great CPA can provide the following services for you 

real estate business: 

1. Help you define the appropriate business 

structures, both from a legal protection and 

from a financial/tax perspective 

2. Help you create a tax strategy for your 

business that will allow you to legally keep as 

much money as you possibly can 

3. Help you make the best decisions with respect 

to your individual real estate investments 

4. Prepare your annual tax returns 

5. Give references for other team members 

(attorney, insurance agent, real estate agent, 

etc) who can help make your business a 

success 


Interview several CPAs before picking one. 

REMEMBER a relationship with an accounting 

professional is often-times a long-term relationship, 

so finding the right person early-on is essential to 

long-term success. You can often get good CPA 

recommendations from other investors in your area, 

from folks in your local Real Estate Investor 

Association (REIA), or from other professionals you 

have good relationships with (your attorney, you real 

estate agent, etc). 

Here is a list of questions that should help find a 

qualified CPA who can successfully help you sustain 

and grow your business: 


CPA – ACCOUNTANT INTERVIEW QUESTIONS 

What are your credentials/educational background? 

Can you provide me with references? 

What is your background and do you personally own real estate? 

What services do you offer? What is your cost/schedule of fees? 

How would I be able to communicate with you? 

Can I get questions answered by email? 

What areas of tax and accounting do you specialize in? 

Do you prepare taxes? 

Do you specialize in tax strategy? Specifically geared towards real 

estate investing? 

What tax strategies/issues should I be aware of upfront? 

Can you register the business structures for us? 

Given my circumstances, what business structure(s) do you 

recommend? Why? 

How can you help in the various phases of real estate investing 

(acquisition through sale)? 

How aggressive will you be in helping us keep as much money as 

possible? 

How often should we meet to review our progress/plan? 

Can you refer other team members such as attorneys, insurance 

agents, real estate agents, etc.? 

What software do you use (and expect me to use) to do our 

accounting so that it makes it easier for us? What about Quick 

Books? 


Flipping is used primarily to describe when an asset is 

purchased and resold for profit. Flipping real estate has 

become very popular over the past 20 years especially 

since all of the reality shows began to make the process 

seem so easy. Flipping real estate is commonly 

associated with buying, renovating, and selling to a 

retail buyer, but also includes wholesaling and selling to 

other investors. By using our Flipology System, a 

proven 4 step system, the process becomes easier, but 

it does take work to become and remain a successful 

real estate investment flipper. 

Risks of Flipping 

1. Money will be lost 

2. Stress 

Benefits of Flipping 

1. Money will be made.. short term and long term 

2. Learn how to budget and stick to it 

3. Develop relationships 

4. Learn how to manage people and projects 

5. Learn about construction 

6. And more 


1. Contract 

2. Client Agreement 

3. Construction Estimate Form 

4. 10 Basic Parts of a Contractors Agreement 

5. Income/Networth Statement 


I, ________________, do hereby agree to 

always keep an open mind and to remain 

positive. 

I agree with the following: 

1. I am great 

2. I am successful 

3. I am a wealth builder 

4. I will overcome obstacles 

5. I am a leader 

6. I am a team player 

And despite my past or current situation, I 

will be more successful each and every day 

because of attending Flipology 101. 


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I ______________________, understand the purpose of this course, 

sponsored by Ramon Tookes is to teach as much as possible about the 

business of flipping houses. 

I understand and agree that no guarantee has been made or could be made 

that I actually will consummate a transaction involving a property during or after 

this course or that I will be guaranteed any kind of monetary refund, rebate, 

commission, or any other monies if I do not. 

I agree to send a letter of fax to Ramon Tookes describing my success from 

what I learned and put into action from this course. This correspondence will 

take place within ten (10) days of the close of the sale of property. 

I understand and agree that any technique, for, trade secret or agreement 

furnished by me and shared with the group can be reproduced and used at a 

later date. I further consent to the reproduction of any photograph and taped 

conversation, including testimonials, and agree to the use of the same for 

educational and promotional purposes. This consent is given with no 

expectation of compensation thereof. 

I acknowledge that Ramon Tookes does not function as my agent, personal 

accountant, lawyer, or financial advisor. I acknowledge that I am responsible for 

my actions and herby release Ramon Tookes and affiliated companies, their 

staff, employees, officers, or agents from any liabilities for any of my actions or 

comments influenced by information contained in products & services received. 

I understand and agree to the conditions above 

Signed: ________________________________________________ 

Print Name: _____________________________________________ 

Date Attended: Friday, Saturday & Sunday, March 12-14, 2021 

Class Attended: Flipology 101 with Ramon Tookes 

Location of Class: .Atlanta, Georgia

Flipology 101 Workbook

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